Core Insights - The 2025 Hurun Rich List reveals that the He family of Midea Group (000333) has a wealth of 278 billion yuan, marking an 18% increase [1] - Midea Group recently completed its first interim dividend, distributing 5 yuan per 10 shares, totaling approximately 3.8 billion yuan [1][3] Dividend Distribution - Over the past three years, the He family has received around 20 billion yuan in dividends from Midea Group [2][7] - The He family directly holds 0.42% of Midea Group shares and controls a total of 28.75% through Midea Holdings [2] - The recent interim dividend allows the He family to receive approximately 1.09 billion yuan [3] Historical Dividend Performance - Since its overall listing in 2013, Midea Group has distributed over 134 billion yuan in cash dividends, nearing 140 billion yuan with the latest interim dividend [4] - The company has implemented share buybacks exceeding 33 billion yuan [4] - Midea Group has increased its dividend payout ratio since 2022, with dividends of 25 yuan, 30 yuan, and 35 yuan per 10 shares in 2022, 2023, and 2024 respectively, maintaining a payout ratio around 60% [4] Financial Performance - For the first three quarters of 2025, Midea Group reported revenues of 364.72 billion yuan, a 13.9% year-on-year increase, and a net profit of 37.88 billion yuan, up 19.5% [9] - Midea Group leads in revenue and net profit growth among the three major white goods manufacturers, including Haier and Gree [9] Shareholder Insights - The largest individual shareholder, Chairman Fang Hongbo, holds 1.17 million shares and has received approximately 1.11 billion yuan in cash dividends over the past three and a half years [9] - Midea Group's stock is perceived to be undervalued, prompting share buybacks to enhance shareholder returns [9] Business Segments - Midea Group's B2B segment has a lower gross margin of 21.4%, compared to over 29% for its C2C smart home business [10] - Despite stable growth, Midea Group's valuation is considered the highest among its peers, with a dynamic P/E ratio of about 12 times, compared to Haier's 11 times and Gree's below 8 times [10]

Core Insights - The smart home sector is witnessing an influx of players, with companies like Honor officially entering the market by adapting to Home Assistant and supporting the Matter protocol, while Xiaomi's AIoT platform has connected over 1 billion IoT devices for the first time, marking a year-on-year growth of over 20% [1][3][8]. Group 1: Company Strategies - Xiaomi has evolved from a mobile phone manufacturer to a comprehensive consumer electronics brand with a complete ecosystem of home appliances and IoT products, including smart speakers, air conditioners, and more, all integrated under the Mi Home app [5][8]. - Huawei's strategy focuses on creating a unified operating system, HarmonyOS, which integrates various devices into a distributed system, aiming to transform homes into "super devices" [9][11]. - Apple maintains a strong user experience with its HomeKit but is limited by its ecosystem, relying on third-party manufacturers for device compatibility, which restricts its market reach compared to competitors [12][15]. - Honor aims to be a coordinator of smart devices rather than a manufacturer of home appliances, focusing on interoperability through industry-standard protocols like Home Assistant and Matter [16][18]. Group 2: Competitive Landscape - Traditional home appliance giants like Midea, Haier, and Gree are shifting their focus to whole-home smart solutions, leveraging their hardware expertise and understanding of user needs to maintain a competitive edge [19][21]. - The competition is evolving from single smart products to system collaboration, allowing mobile manufacturers to re-enter the market, but traditional appliance manufacturers still hold significant advantages in hardware performance and user experience [22][25]. - New entrants in the smart home market, such as Euribot and Green米, are focusing on foundational smart home components, while emerging players like Chasing are rapidly expanding their product offerings across various categories [23][24]. Group 3: Future Outlook - The future of the smart home market is expected to be characterized by coexistence among various players, with mobile manufacturers offering flexible product choices and traditional appliance manufacturers providing reliable performance and integrated solutions [25][27].

多位小米经销商对智通财经确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和 先送后装两种选择，让售后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选 择，只要不乱收费不会对空调服务有太大影响。 【#美的被曝禁止售后服务商接小米和格力业务#】11月21日，智通财经获悉，美的近期不再允许售后服 务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达，涉及小米、格 力等其他品牌的空调售后及安装维修。 对此消息，美的公关回应称不清楚此事。 一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到了 威胁，10月份下发了该通知。（智通财经，德塔） ...

该报道称，多位小米经销商确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和先送后装两种选择，让售后服务商"二选 一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选择，只要不乱收费不会对空调服务有太大影响。 11月21日，美的集团回应智通财经记者问询表示，美的一直秉承用户体验第一的原则，并无强制售后服务商排他性合作的行为。 21日早些时候，有媒体报道称，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达， 涉及小米、格力等其他品牌的空调售后及安装维修。 空调安装是家电售后服务中最复杂的，美的、格力都拥有庞大的售后服务队伍。如果大厂禁止售后服务安装其他品牌，其他竞争品牌的售后服务资 源将大为减少。不过，美的在声明中明确否认此事。 智通财经记者 周玲 根据奥维云网2025年7月全渠道（线上+线下+下沉市场）数据。美的以29%的份额稳居第一，线下和线上市场均保持领先地位。格力份额为17%， 位列第二，但受价格战影响，市场份额较前期有所下滑。海尔份额15%，排名第三，且是前三名中唯一实现份额同比正增长的品牌。小米份额为 10%，排名第四，奥克斯份额为 ...

Core Viewpoint - Midea has reportedly implemented a policy that restricts after-sales service providers from collaborating with Xiaomi or Gree, which has been denied by Midea, emphasizing its commitment to user experience and non-exclusivity in partnerships [2][3]. Group 1: Competitive Landscape - Xiaomi's air conditioning business has shown significant growth this year, increasing competitive pressure on Midea [3]. - Xiaomi's CEO Lei Jun stated that home appliances have become a strategic business for the company, with plans for large-scale production of air conditioners by 2026, aiming to become a top brand in China's home appliance market [4]. - Midea's chairman, Fang Hongbo, questioned which of the top three home appliance giants Xiaomi intends to displace to achieve its market ambitions [5]. Group 2: Industry Dynamics - Fang Hongbo highlighted that the home appliance industry is highly competitive with low entry barriers, resulting in a "red ocean" market where competition is fierce and efficiency gains are limited [5]. - He expressed skepticism about the potential for great, high-tech companies to emerge in the home appliance sector, suggesting that any new entrants are strategically at a disadvantage [6].

每经11月21日广州电（记者 陈鹏丽）11月21日上午，有消息称，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达，涉及小米、 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Insights - Midea has reportedly not allowed after-sales service providers to simultaneously cooperate with Xiaomi or Gree, but Midea denied this claim, emphasizing its commitment to user experience and lack of exclusive cooperation policies [1][1] - Xiaomi's air conditioning business has been growing rapidly, posing competitive pressure on Midea, with plans to become a leading brand in the home appliance sector and achieve a market value of 100 billion in the next five years [1][1] - Midea's chairman questioned which of the top three home appliance giants Xiaomi intends to displace to enter the top tier of the industry [1][1] - The home appliance industry is characterized by low entry barriers and high competition, leading to a "red ocean" market where competition results in significant resource consumption [1][1][2] - Midea's chairman expressed skepticism about the potential for great, high-tech companies to emerge in the home appliance industry, suggesting that any new entrants are strategically at a disadvantage [2]

记者｜王珍 编辑｜瑜见 11月21日，针对美的近期不再允许售后服务商同时接小米或格力的业务合作的传闻，美的集团相关人士 向第一财经记者表示，美的无强制售后服务商排他性合作的行为。 一位西北的家电零售商也向记者表示，没有听说过这样的要求，而且也不太可能执行，因为大品牌家电 的安装标准和时效要求很高，厂家、商家各自做好自己分内的事情就好了。 ...

(本文来自第一财经) 11月21日，针对美的近期不再允许售后服务商同时接小米或格力的业务合作的传闻，美的集团相关人士 向第一财经记者表示，美的无强制售后服务商排他性合作的行为。一位西北的家电零售商也向记者表 示，没有听说过这样的要求，而且也不太可能执行，因为大品牌家电的安装标准和时效要求很高，厂 家、商家各自做好自己分内的事情就好了。（第一财经记者王珍） ...

格隆汇11月21日｜据智通财经，今日有市场传闻称，美的近期不再允许售后服务商同时接小米或格力的 业务合作，涉及小米、格力等其他品牌的空调售后及安装维修。对此，美的方面表示，相关消息不属 实。"美的一直秉承用户体验第一的原则，并无强制售后服务商排他性合作的行为。" ...